Are they actually doing an appraisal update (1004D) or a discounted new appraisal (1004/assuming this is a residential single family)?

They have been in the house a longer period of time, 3 weeks or so. 

Really, I think your options are to update/remodel what you have and make sure you're getting premium rent for the area OR just SELL (as is) and put your equity elsewhere.

You will see that there are short periods of depreciation (typically less than 5 years) but in general the chart will show ever increasing RE prices.  5) Do not fully discount equity pay down. 

In full disclosure it JUST STARTED for April collections, and I had to update my lease terms for all units... but it is there.

Hard to find any comps nearby because this place is a little unique to the neighborhood:Main House: ~2100 sq. ft. 2 Bedroom/ 2 Bath SFH w/ in-ground pool & hot tub, built in late '60sSomewhat dated but easily updated cosmetically & with new appliancesNice covered patio w/ built in outdoor kitchenAdditional ~ 400 sq. ft. 

If there is cleaning or repairs to be done, I will update my photos once everything is finished and before the next tenant occupies.With high-def video, many will record with video.

Update: After an email convo with the title co, they prepared & sent us a Sub & Recon doc & also provided a notary.  

Once I buy one of these units I’ll keep you updated on how well the property Managment handles everything.

Both the seller and his agent know that the rents are ridiculously low and im positive all the tenants are expecting rent increases, I think increasing by $10/week every couple of months will ease the pain for them, I dont mind covering some of the mortgage for the first 6 months or so, even if the tenants decide they want to move, they will start looking at current rental rates in the area and they will be sadly disappointed and will most likely end up staying anyway especially if i entice them with updates on their units like newer flooring and appliances because some of the stuff is out dated.